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Rediscount window untapped in Oct.

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LENDERS left the central bank’s rediscount facility untouched in October as credit growth remained muted and as there continued to be ample liquidity in the financial system.

“For the period Jan. 1 to Oct. 31, total availments of banks against their rediscounting lines remain unchanged at P6.12 million for loans under the peso rediscount facility,” the Bangko Sentral ng Pilipinas (BSP) said in a statement on Wednesday.

The Exporters’ Dollar and Yen Rediscount Facility (EDYRF) was likewise untouched, it added.

The BSP’s rediscount window gives banks access to additional money supply by posting their collectibles from clients as collateral.

In turn, banks may use the cash — denominated in peso, dollar or yen — to extend more loans to their corporate or retail clients and service unexpected withdrawals.

Banks only tapped the central bank’s rediscount facility in June, July, and September this year.

In 2020, rediscount loans plummeted by 77.7% to P26.9 billion from 2019, with lenders only tapping the window in March, April, August and September, while the EDYRF was also left untouched.

Lenders likely saw reduced need for rediscount loans last month as credit growth remained subdued and as they had enough liquidity, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“Regulatory relief measures that include alternative compliance for reserve requirements such as allowing new loans to MSMEs (micro-, small-, and medium-sized enterprises) in the computation for reserve requirements, lower risk weights for MSME loans, among others, also partly reduced the need for banks to tap the BSP’s rediscounting facilities,” Mr. Ricafort added.

Bank lending returned to growth in August after eight months of contraction.

Latest BSP data showed bank lending expanded for the second straight month by 2.7% year on year in September.

Meanwhile, M3 or the broadest measure of cash in an economy rose by 8.2% in September, faster than the 6.9% growth in August.

BSP Governor Benjamin E. Diokno last week said their policy measures amid the coronavirus crisis has infused about P2.23 trillion in liquidity into the financial system, equivalent to 12.5% of the country’s 2020 gross domestic product.

NOVEMBER RATES
For this month, the BSP said peso rediscount loans are priced at 2.5%, regardless of maturity.

Meanwhile, the rates for loans under the dollar and yen rediscounting lines, regardless of maturity, are set at 2.13225% and 1.917%. — Luz Wendy T. Noble

How Philippine MSMEs can leverage cloud-based services to remain competitive

MICRO, small and medium-sized enterprises (MSMEs) comprise 99.51% of Philippine businesses, forming the backbone of the country’s economy. However, the pandemic forced 73.1% to shut down, underlining the need for them to adapt to survive — especially through digitalization. Recognizing the importance of cloud adoption to business digital transformation, the Philippine government updated its “cloud-first” policies first introduced in 2017, paving the way for MSMEs to take the digital leap to become more competitive and resilient.

This effort is paying off. Some 51% of Philippine enterprises are adopting more cloud-based solutions, with national cloud spending projected to reach $2.6 billion by 2024. MSMEs who have yet to embrace the cloud risk being left behind; however, with governmental support and an increasingly cloud-conducive business environment, it is an opportune time for MSMEs to explore enhancing their businesses through cloud services.

Cloud benefits in cost savings, work efficiencies, and security.

With optimizing costs a foremost concern of Philippine MSMEs, the cloud can help by minimizing waste through its “pay as you use” model. By paying for only what is needed, MSMEs can scale their usage quickly as operations grow. The cloud also provides further savings opportunities by eliminating the need to purchase and maintain on-premises IT infrastructure, while programs and software are automatically and remotely updated so MSMEs always enjoy cutting-edge technology and protection.

The immense computing power of the cloud also enables large quantities of data to be processed at much higher speeds, greatly boosting operational efficiency and reducing manpower dependency. Acting as a central repository for critical applications and solutions, it delivers low-latency connectivity (which 26% of MSMEs consider a digitalization priority) to those resources. Management teams can streamline daily operations while maintaining oversight and control, while employees can stay productive even with more flexible, remote work arrangements.

With 57% of Philippine MSMEs suffering cyberattacks last year costing P50 million, the cloud’s enhanced cybersecurity is another key advantage. Large service providers can provide robust security at cost-effective prices due to economies of scale, and cloud computing solutions can offer security encryption protocols to protect transactions, prevent distributed denial-of-service (DDoS) attacks, and maintain compliance with local and international security regulations for future growth. Additionally, critical applications and data on the cloud are immune to natural disasters as no physical servers are involved.

CLOUD ADOPTION IS A LONG-TERM GROWTH STRATEGY
The potential of cloud adoption to boost Philippine gross domestic product by $28 billion by 2024 is a significant economic catalyst at both a micro and macro level. MSMEs can accelerate adoption by thoroughly evaluating business systems, then identifying and leveraging cloud services to plug these gaps.

Despite an undeniable learning curve, it is in the best interests of MSMEs to start the cloud adoption process early. Once it becomes the new business standard, MSMEs can unlock a whole new world of opportunity, growth, and resilience to benefit not just themselves, but all Filipinos.

 

Robert Flavius Dulce is the vice-president for sales at Cloud4C Services.

Phoenix Petroleum back to black with P170-M net income

PHOENIXFUELS.PH

PHOENIX PETROLEUM Philippines, Inc. posted a net income of P170 million from January to September 2021, a turnaround from its P95-million net loss in the same period last year.

In a press release on Wednesday, the oil company said the growth was driven by higher revenues “as the sustained volume growth was compounded by sharply rising commodity prices and forex depreciation.”

Phoenix said its revenues for the first nine months grew by 81% from the period last year, while its per unit operating expense declined by 29% due to continued efficiency improvements, bringing its operating income up by 78% to P1.64 billion.

The oil firm’s overall volume from January to September 2021 rose by 33% from the previous year as its domestic volume increased by 29% with the company’s expansion of sales to business-to-business industries and with a rise in the demand for liquefied petroleum gas (LPG).

Phoenix’s LPG sales also grew by 35% in the first nine months of 2021 due to high demand.

For overseas transactions, the company’s overseas volume also increased by 37% “driven by growth in the trading business.”

Meanwhile, Phoenix said its retail business “was set back” in the third quarter due to the reimposition of the enhanced community quarantine in Metro Manila and in other major provinces and cities in the country in August and September.

The company said “momentum is expected to further pick up” in the fourth quarter due to the country’s acceleration of vaccinations, decline in the number of new coronavirus cases and further easing of pandemic restrictions.

“As quarantine restrictions are eased, and more economic activity is expected during the holidays, we are looking forward to capping off the year with an even more vigorous business performance,” Phoenix President Henry Albert R. Fadullon added.

Phoenix shares went down by 0.71% or eight centavos to close at P11.20 apiece on Wednesday. — Bianca Angelica D. Añago

Dining In/Out (11/11/21)

Spices Bridge

Spices offers Eat-all-you-can ‘Virtual Buffet’

METRO Manila may have it all, but what it hasn’t tried yet is The Peninsula Manila’s Spices restaurant’s “virtual buffet.” Spices is offering a 45th anniversary á la carte menu of eat-all-you-can classics that will have lovers of Malaysia, India, Vietnam, Thailand, and Singapore traveling back in time, enjoying endless servings of Spices Timeless Classics. It’s one of the greatest hidden deals in the metro. Groups can reserve a table to eat endless platters of Seafood Laksa (Malaysian shrimp, egg noodles, seafood, and coconut soup), Gha Gio (Vietnamese fried spring rolls with pork, shrimp, and mushrooms), Green Chicken Curry (Thai boneless chicken thigh, eggplant, long beans, and coriander), Chili Crabs (Singaporean curacha crab in spicy scallion sauce, scallions), and more, all served for lunch and dinner from Wednesday to Sunday. The deal costs P1,976 (inclusive of taxes). For inquiries or further information on Spices’ 45th Anniversary Timeless, call 8887-2888 (trunk line), extension 7410 (Restaurant Reservations), e-mail diningpmn@peninsula.com, visit the website peninsula.com, or through PenChat, The Peninsula Manila’s 24-hour e-concierge by using this link: https://bit.ly/PenChatFacebook.

The Commissariat Manila brings Bacolod Christmas treats

GINO Asensio Lopez and Monique Lopez Ong opened The Commissariat Manila in July 2020 during the pandemic. It was established to fulfill people’s need for first-class goods from Visayas, particularly Bacolod City, the place that the siblings both know has unrivaled pastries, cakes, chorizos, and seafood. Many of their sought-after delicacies come from Negros Occidental’s Felicia’s Pastry Shop. These pastries are baked fresh, and will be air-flown from Bacolod to Manila every week beginning Nov. 13 to Dec. 18. The Commissariat Manila has prepared a lineup of limited-edition Christmas sets featuring Felicia’s ensaimadas, cheese roll, cookies in cans including Almond Crisps, Lemon Thins, Almondettes, and their pili products such as their Pili Crumble and Turron de Pili. Felicia’s also released its cake line in Metro Manila and Cebu. These cakes in cans include the heirloom Potato Cake, Sans Rival, Swiss Chocolate Cake, Classic Chocolate Cake, and Butter Cake. All are available on-hand at The Commissariat Manila which also carries other top-rated Bacolod brands such as Casa Carmela’s “Bacolod in a bottle” line, such as Crazy Rich Crabs, Sexy Squid, Chorizo Pudpu, and their signature Papa Daniel’s Bangus; the Ereñeta-Manaloto Chorizo Recado and Hamonado Bilog, and the newest addition to the Chorizo line, the Chorizo Mozzarella. The Commissariat Manila also offers its own products such as The Commissariat Flat Quillos, and, seasonally, The Commissariat Bantayan Bay half-shell scallops which are harvested from Bantayan Island and flown straight to The Commissariat freezers. Pre-order early to get on The Commissariat Manila’s delivery list. For advance placement of orders, refer to the social media links. For Felicia’s fresh air-flown pastries and limited-edition Christmas sets, the pre-order cut-off for each week is on Wednesdays by 7 p.m. All late pre-orders will carry over to the next available shipment date. Deliveries for Metro Manila begin every Saturday of each week from Nov. 13 to Dec. 18. All on-hand products such as Felicia’s Cakes in cans, Casa Carmela bottled goods, Ereñeta-Manaloto Chorizos and The Commissariat Flat Quillos will be available for delivery until Dec. 23, and will continue to be available from Dec. 27-31. Fresh air-flown Felicia’s Ensaimadas and Cheese Rolls will resume on Jan. 8. The Commissariat Manila serves NCR Plus (Metro Manila, Bulacan, Cavite, Laguna and Rizal). Visit and order from the website www.thecommissariatmanila.com, its Facebook: https://www.facebook.com/thecommissariatmanila/, and Instagram https://www.instagram.com/thecommissariat/ pages.

Park and Dine at Diamond Hotel Philippines

DIAMOND Hotel Philippines offers Park & Dine, where guests can enjoy dining on the hotel’s sandwiches, pastas, Japanese and Chinese specialties, popular mains and bento combination sets in the comfort and safety of their own car, parked at the hotel’s front drive. Health protocols are in place for the diner’s safety and well-being. To keep the food hygienic, meals are placed in disposable packaging and each guest will receive his or her order wrapped along with single-use utensils, bottled water and sanitation kit. Lap tables will be provided so guests can dine with ease. Park & Dine is open daily from 8 a.m. to 9 p.m. and parking is subject to availability for walk-ins. For advanced reservations call 8528-3000 and 0975-792-1473 (9 a.m. to 5 p.m. only), or e-mail restaurant_rsvn@diamondhotel.com. Pre-order is also available and the menu may be viewed at onlineshopping.diamondhotel.com.

Starbucks Traditions Promotion returns

STARBUCKS brings back the Starbucks Traditions Promotion this Christmas season. From Nov. 2 to Jan. 3, customers will earn a sticker for every purchase of a Tall, Grande, or Venti handcrafted beverage. Exclusive Starbucks Traditions merchandise may be redeemed for every 18 stickers collected. While staying true to a tradition of almost two decades, this year debuts a never-before-seen collection and new ways to join. The 2022 Starbucks Traditions Planner comes with a matching Organizer. This year’s edition comes with an embossed Siren and scale design. The organizer consists of built-in pockets to keep a pen, Starbucks Cards, and other essentials in one place. Inside the planner, there are 12 exclusive monthly artworks. New this year are the 2022 Starbucks Traditions Mug and Tumbler with Pouch. Each set includes a sleek stainless-steel matte black 12 oz tumbler or a classic white 12 oz ceramic mug, both paired with a pouch the customer can carry all day. Customers can now collect stickers digitally in two ways: 1.) get the new QR promo card in stores and collect a digital sticker every handcrafted beverage in store, or, 2.) use the Starbucks app by opting in to collecting e-Stickers for every handcrafted beverage purchased using a registered Starbucks Card. Starbucks has also made it easier to earn stickers from home. Customers can now earn digital stickers through their delivery app. Every purchase of four eligible handcrafted beverages on GrabFood or food panda will be issued a QR promo card loaded with its corresponding digital stickers. Stickers can now be collected at all Starbucks stores nationwide. To have a closer look of the 2022 Starbucks Traditions and for the full mechanics, visit https://starbuckstraditions.ph.

SaladStop! holiday favorite returns

SALADSTOP! brings back one of its most popular offerings — the White Christmas salad, a mix of romaine, kale, walnut snow, turkey ham, grapes, green apples, croutons, and a special Queso de Bola dressing. Unique to this salad is the walnut snow, a sweet meringue with walnuts and a hint of cinnamon. The Queso de Bola makes it feel like Christmas in every bite. White Christmas will be offered in party trays for the first time, available in both or wrap options. White Christmas salad, will be available in SaladStop! Metro Manila stores from Nov. 9 to Jan. 3.

Kenny Rogers Roasters serves new Truffle Roast

UNWRAP a luxurious holiday celebration with Kenny Rogers Roasters’ new Truffle Roast. Kenny’s Truffle Roast is soaked in a flavorful marinade of truffle and buttermilk extracts, then roasted to perfection. Drops of truffle oil are added on the chicken just before serving to further enhance the rich truffle aroma of the roast. A gold foil wrapping encloses each Truffle Roast. Each roast is served with the new buttermilk sauce. The Truffle Roast Group Meal — good for a group of four — comes with one whole roast, four side dishes, four cups of rice, muffins, and a 1.5L Coke for P1,105. The Truffle Roast Solo B Plate comes with a quarter chicken, the new buttermilk sauce on the side, two side dishes, rice and a muffin for P315. Meanwhile, Kenny Rogers Roasters’ signature mashed potatoes has been leveled up with the new Spinach Mashed Potato. Kenny’s Truffle Roast is also available as an upgrade in other Kenny Rogers menu offerings. It is available in all Kenny Rogers Roasters stores nationwide, available for dine-in, take-out, and delivery. Order these combos for delivery through www.kennyrogersdelivery.com.ph, the hotline 8-55-9000, or via Grab Food and Food Panda.

New Nespresso Boutique opens at Robinsons Magnolia

NESPRESSO’S third boutique in the country has opened in Robinsons Magnolia. The boutique’s interior has a muted coffee-inspired palette of rich brown and crema-inspired gold and floor tiles and lamps that echo what are found in coffee farms. Local flair comes from the use of capiz on a section of its walls. The table-tops were made from used coffee grounds and wood from reforestation programs. The boutique boasts a window-to-farm virtual view of coffee farms, and a Greenery Wall, a visual representation of local coffee plantations. The store will soon introduce an interactive Recycling Corner: drop a bag of used capsules in the bin which will show customers the weight on a screen, revealing what it can be recycled into — a pen, chopsticks, or Swiss army knife. Nespresso is at the Upper Ground Level of Robinsons Magnolia, New Manila, Quezon City. It is open from 10 a.m. to 9 p.m.

Monkey Shoulder pop-up bar at BGC

MONKEY Shoulder blended malt whisky has a newly launched festive pop-up bar at Bonifacio Global City. Located at the Monkey Shoulder Giving Tree along C1 in Bonifacio Global City (BGC), the pop-up bar will be run in partnership with a lineup of watering holes throughout the festive season to serve up whisky cocktails. To give shoppers the chance to sample what Monkey Shoulder serves, every guest above the legal drinking age is entitled to one complimentary cocktail per weekend. In November, weekend visitors can look forward to cocktail creations by bartenders from 205 on Nov. 12 to 13, iDarts DASH on Nov. 19 to 20, Skye on Nov. 26 to 27, Fireside on Dec. 3 to 4, and Boozy on Dec. 24 and 25. For updates on the latest event happenings, as well as new additions to the featured bar line-up in December, follow Monkey Shoulder’s Facebook and Instagram. Meanwhile, the Monkey Shoulder Giving Tree and pop-up bar will be open till Dec. 31. All event personnel are fully vaccinated, and have been trained to observe and ensure health and safety protocols. There are also limited-edition Monkey Shoulder Twin Packs, made up of two 700ml Monkey Shoulder bottles and a Monkey Shoulder Bricks Game. The Monkey Shoulder Twin Packs are now available at selected S&R, The Marketplace, and Robinsons Supermarket stores, while stocks last. Visitors to the Monkey Shoulder pop-up bar can also get their hands on the pack from Nov. 19.

My Little Pony, Transformer toys now in Happy Meals

MCDONALD’S now has new My Little Pony and Transformers toys packed inside Christmas-themed Happy Meal boxes. As a bonus, the Add-on promo allows customers to have a Burger McDo Happy Meal by adding P50 to any McDonald’s meal. Kids can collect Pinkie Pie, Rainbow Dash, and the cast of characters from Equestria, or BumbleBee, Optimus Prime and the robots of the Cyberverse. Every Happy Meal purchase comes in festive, ready-to-gift, and limited-edition Christmas-themed Happy Meal Boxes. And with McDelivery Send to Many, it is easy to send to multiple addresses with one booking. To learn more, go to the McDelivery website or app and follow McDonald’s Philippines on Facebook.

Jollibee releases new Champ & Joy Super Meal

JOLLIBEE levels up its partnership with its newest endorser, Filipino weightlifter Hidilyn Diaz — who made history at the 2020 Tokyo Olympics by winning the Philippines’ first ever Olympic gold medal — with a special Champ & Joy Super Meal. The Champ & Joy Super Meal combines Chickenjoy with the Champ, and comes with a free Go Large Coke drink. As an added treat, customers will also get special packaging featuring Hidilyn Diaz and a limited edition Hidilyn Diaz collectible card with every order of the Super Meal. Part of the proceeds of every Champ & Joy Super Meal will be donated to the Philippine Olympic Committee Athletes’ Commission. The meal is available for P240 in select Jollibee stores nationwide (via the Jollibee Delivery App, JollibeeDelivery.com, #87000, GrabFood, and foodpanda, and also through dine-in, drive-through and take out) only until Nov. 30.

Food deliveries for a Pinoy Christmas

AS WE inch closer to another quarantined Christmas, unable again to celebrate together with friends and family under one roof, Grab is making it easier to “Padalove” gifts and happiness for a Pinoy Christmas. Grab hopes to close the gap between friends and family through 100+ Cities Delivery, a new feature with which customers can send anything from food and presents to loved ones living overseas. To be launched on Nov. 22, 100+ Cities Delivery will enable Filipinos to send their love with GrabFood and GrabMart to 148 cities throughout the Philippines and Southeast Asian countries such as Malaysia, Thailand, Indonesia, Singapore, and Vietnam. Grab also helps with the Christmas present shopping with its extensive catalog of holiday staples and gifting options available on GrabFood (from GrabFood Signatures to holiday-themed bundles), GrabMart (a selection of gadgets, toys, home essentials, and holiday baskets,  and holiday party staples like ham and queso de bola), and GrabExpress (GrabExpress Instant for quick deliveries, GrabExpress 4 Hours for affordable options, GrabExpress Multi-Stop Delivery to send gifts to multiple recipients, and GrabExpress Pabili). Get to support local businesses and MSMEs (micro, small, and medium enterprises) through GrabExpress’ Madiskarteng Boss Club Holiday Bazaar to be launched online soon, wherein Madiskarteng Boss Club members will showcase the best of their holiday offerings and unique gifting options. Grab’s Christmas-themed Holiday Saver Pack is a three-month bundle that consists of 41 GrabFood, GrabMart and GrabExpress vouchers, with a total of savings of up to P4,000. The Holiday Saver Pack is available for an early bird price of P49, from its original price of P249. Outside of the voucher bundle, Grab is also offering more discounts and offers across its services.

San Miguel kickstarts Oktoberfest

THIS year, San Miguel is giving away up to P100 million in prizes via the new Instant GCashPanalo Under-the-Crown Promo as part of its Oktoberfest celebration. Beer lovers can win GCash rewards of up to P5,000 simply by buying participating San Miguel Beers until Dec. 31. To join buy any participating San Miguel Beer, look for the eight-digit alphanumeric code under the crown or beer cap and scan the promo QR code in stores or San Miguel Oktoberfest Facebook page. From there, the buyer will be directed to the GCash app page, where they must enter their mobile number, promo code, and the CAPTCHA code to claim a GCash reward. There is no redemption limit. The following San Miguel Beers are part of this promo: San Miguel Pale Pilsen 320ml and 1000ml, Red Horse Beer 330ml, 500ml and 1000ml, San Mig Light 330ml, San Miguel Flavored Beer Apple 330ml, San Miguel Flavored Beer Lemon 330ml, San Miguel Flavored Beer Lychee 330ml, San Mig Zero 330ml or Gold Eagle Beer 320ml and 1000 ml. This promo is available in areas where allowed.

Restaurant 101 takes over Manila Golf & Country Club’s F&B operations

ENDERUN’S Restaurant 101 officially took over the F&B operations of Manila Golf & Country Club (MGCC) in October. According to 101’s Managing Director, chef Thomas Wenger, “we were looking for an opportunity to bring 101 to a different market and feel that we have found the right place by taking this opportunity at Manila Golf & Country Club. We hope that with the recovery into full operations within the foreseeable time, the MGCC operations will open up banquet and catering opportunities for 101.” It will be handling food and beverages (F&B) services for the concessionaires of the Verandah restaurant, the Sand Trap Bar, and banqueting as well as outside catering, all golf teahouses, and kiosks. The majority of the Manila Golf & Country Club’s staff has been retained, and while the menu will remain mostly unchanged, 101 will introduce additional seasonal menus and special events for the club’s members.

Master third wave specialty coffee with Breville’s Bambino Plus

THIRD wave coffee is a concept that considers the drink as artisanal, and also gives importance to a deeper understanding of coffee and its origins — how it is grown, where it is sourced, how it is prepared.  Breville Philippines, a lifestyle home brand offering premium kitchen appliances, is known for its high-quality espresso models like the Breville Barista Express and the Breville Dual Broiler. Recently the brand released a friendlier appliance for the home: the new Bambino Plus. It combines the ideal dose, proper temperature, optimal pressure, and sufficient steam for a serving that can challenge brews from coffee shops. The model also uses an innovative ThermoJet heating system, adjustable milk temperature setting, and a hands-free automatic steam wand. Follow Breville’s social media channels like Facebook, Instagram, and TikTok and visit their website to learn more about the coffee makers.

XTREME Appliances’ discounts on Lazada 11.11 Sale

XTREME Appliances offers up to 52% off during the Lazada 11.11 Sale. This includes the XTREME Cool Combo Washer & Dryer with 10 kilo washer capacity and 7 kilo dryer capacity and an inverter motor that can save up to 70% on electricity consumption. There are aircons like a 1.5HP XTREME Cool Split Type Inverter Aircon, 1.0HP X-Series Split Type Non-Inverter Aircon (XACST10X), and the Non-Inverter Aircon with Remote (XACWT10RX), and gas ranges like the 50CM X-Series Gas Range which has four-burners and a stainless steel cooktop, and an Ultra HD Android TV like the 43” XTREME Android TV with its 4K resolution and Doly Audio feature, plus a Google Voice Assistant for voice control. For the full list of products and exclusive discounts, please visit XTREME on Website, Lazada, and Shopee e-commerce.

Japan-PHL 65th anniversary online cooking contest winner

THE EMBASSY of Japan in the Philippines hosted a prize dinner for Ana Liezl Quibrantar for winning the Food and Friendship: The Japan-Philippines 65th Anniversary Online Cooking Contest, at the Ambassador’s residence. Ms. Quibrantar received a Certificate of Appreciation for her victory in the competition and praised her winning dish named Shirashi in Tempura Taco Nori. Inspired by Japanese and Filipino cuisines, the dish combines elements of the classic Japanese dish chirashi and prepared with marinated fish similar to the Filipino kinilaw. The online competition featured photo and video submissions from Filipino contestants that focus on Japanese cuisine and/or Filipino-Japanese fusion cooking.

BSP joins central banks’ sustainability pledge

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THE BANGKO SENTRAL ng Pilipinas (BSP) has pledged to facilitate sustainable regulations that will respond to climate change alongside other central banks.

The BSP said it joined the collective declaration of the Central Banks and Supervisors’ Network for Greening the Financial System (NGFS) in their commitment to the 26th United Nations Climate Change Conference of Parties (COP26).

“Central banks and financial institutions should recognize their important role in contributing to the transition to a low-carbon economy. As stewards of the financial sector, we should all commit to act with urgency in achieving the desired emissions reduction targets and in promoting the sustainability agenda,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in a statement.

The central bank said by committing to the declaration of its fellow NGFS members, it will push for initiatives under the Sustainable Central Banking Program to foster environmentally responsible and sustainable policies and work practices.

“The program embodies the essential roles of the BSP as an enabler, mobilizer, and doer in relation to advocating sustainability principles in the financial system,” the central bank said.

It also pledged to create a regulatory environment that will help banks in managing climate change, environmental, and social risks. At the same time, the BSP committed to equip banks to extend financing to economic activities contributing to sustainable development.

The BSP said it will facilitate climate stress-testing exercise and collect more data to assess the impact of climate, and environmental and social risks exposures in the banking industry.

It also vowed for a collaborative approach among stakeholders in the financial sector and align policies and initiatives with the objectives and strategies of the Philippine Sustainable Finance Roadmap and Guiding Principles.

Lastly, the central bank said it will boost partnerships for awareness and capacity-building of the financial sector.

“We need to take advantage of the momentum calling for action, and step up our response towards climate change,” Mr. Diokno said.

The BSP became a plenary member of the NGFS in July 2020. The group includes central banks and financial supervisors that voluntarily exchange experiences and best practices to enhance the financial sector’s environment and climate risk management and accelerate the transition towards a sustainable economy.

Earlier this month, the central bank released the second phase of its own sustainable finance framework through Circular 1128, which directs banks to monitor their environmental and social risks in their credit exposures and business operations. — L.W.T. Noble

How PSEi member stocks performed — November 10, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 10, 2021.

Household spending on non-essentials grows in Q3

Household spending on non-essentials grows in Q3

Peso strengthens as Duterte sets vaccination drive on Nov. 29-Dec. 1

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THE PESO strengthened versus the greenback on Wednesday due to optimism caused by the vaccination drive that will happen later this month.

The local unit ended trading at P50.069 per dollar on Wednesday, appreciating by 2.2 centavos from its close of P50.091 on Tuesday, based on data from the Bankers Association of the Philippines.

The peso opened Wednesday’s session at P50.15 per dollar, which was also its worst showing for the day. Meanwhile, its intraday best was at P50.005 against the greenback.

Dollars exchanged declined to $1.016 billion on Wednesday from $1.385 billion on Tuesday.

The peso strengthened following the announcement of a national vaccination drive, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

President Rodrigo R. Duterte in a taped address said a three-day massive vaccination drive will be held from Nov. 29 to Dec. 1, which will coincide with the Bonifacio Day commemoration on Nov. 30.

The government is eyeing to administer 15 million vaccine jabs during the three-day event.

Meanwhile, a trader said the market was waiting for the US consumer inflation report set to be released later on Wednesday.

The US Labor department on Tuesday said producer price index for final demand rose 0.6% last month after climbing 0.5% in September, according to Reuters.

For Thursday, Mr. Ricafort gave a forecast range of P49.95 to P50.15 per dollar, while the trader expects the local unit to move within P50 to P50.20. — LWTN with Reuters

Stocks end 6-day rally as investors take profits

THE PHILIPPINE stock market ended its six-day rally on Wednesday, in line with other Asian markets that declined after the Chinese government reported a spike in inflation in October.

The Philippine Stock Exchange index (PSEi) fell by 65.99 points or 0.88% on Wednesday to close at 7,375.68, while the broader all shares index shed 567.33 points or 12.51% to end at 3,964.53. 

“With most of the regional markets downed after the release of China’s inflation figures with PPI (producer price index) rising more than expected, local market went on profit taking after moving up for six trading days,” Aniceto K. Pangan, equity trader at Diversified Securities, Inc., said in a text message.

China’s consumer price inflation jumped to a 13-month high of 1.5% from 0.7% in September, fueled by an increase in fuel and food costs.

“China’s October factory gate prices rose at the fastest pace since 1995, beating forecasts and further squeezing profit margins for producers grappling with soaring coal prices and other commodity costs,” Reuters reported.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan also said in a Viber message that investors “locked in some gains” ahead of the release of MSCI’s November Semi-Annual Index Review on Wednesday (Thursday morning, Philippine time). 

“The market also took cues from Wall Street’s overnight decline ahead of the release of the US’ October inflation report,” Japhet Louis O. Tantiangco, senior research and engagement supervisor at Philstocks Financial, Inc., said in a separate Viber message.

US inflation data for October was scheduled to be released later on Wednesday. A Reuters poll showed economists expect a 0.4% uptick in the consumer price index, from the 0.2% seen in September.

Mr. Tantiangco noted foreigners were net buyers during Wednesday’s session, reaching P517.29 million. However, this was lower than the P812.74-million net foreign buying during the previous trading day. 

“Net foreign buying is already on a five-day streak averaging P661.15 million per day,” he said.

Globe Telecom, Inc. was the top index gainer on Wednesday, up by 2.28% or P78 to close at P3,500 per share. Meanwhile, LT Group, Inc. lost 5.12% or 54 centavos to finish at P10 each.

All sectoral indices closed in the red on Wednesday led by financials, which shed 29.51 points or 1.79% to 1,616.38, and holding firms, which lost 72.30 points or 1.01% to finish at 7,085.40.

Property gave up 22.06 points or 0.65% to 3,358.06, while industrials shaved off 33.18 points or 0.30% to 10,919.47. The mining and oil index declined by 25.90 points or 0.26% to 9,912.53, while services inched down by 2.02 points or 0.10% to 2,004.74.

Value turnover climbed to P11.16 billion with 1.17 billion shares switching hands on Wednesday, higher than the P9.49 billion with 1.31 billion issues traded on Tuesday.

Decliners beat advancers, 116 versus 77, as 56 names remain unchanged. — Keren Concepcion G. Valmonte

Philippines gets 3M more doses of Coronavac

PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES on Wednesday took delivery of 3 million more doses of CoronaVac that the government bought from China, according to the National Task Force Against COVID-19 (coronavirus disease 2019).

The state bought the vaccines from Sinovac Biotech Ltd. through the Asian Development Bank, it said.

On Tuesday night, the government received about 794,000 doses of the vaccine made by AstraZeneca Plc, donated by Germany. 

The state is aiming to vaccinate at least 50% of adult Filipinos by yearend. It is planning to hold a National Vaccine Day program to be carried out on Nov. 29 until Dec. 1, as it tries to inoculate as many as 15 million people.

The Department of Health (DoH) reported 2,646 coronavirus infections on Wednesday, bringing the total to 2.8 million.

The death toll rose by 99 to 44,665, while recoveries increased by 4,029 to 2.7 million, it said in a bulletin.

There were 29,138 active cases, 60.8% of which were mild, 7% did not show symptoms, 10.4% were severe, 17.36% were moderate and 4.4% were critical.

The agency said 29 duplicates had been removed from the tally, 20 of which were recoveries, while one was reclassified as death. Seven laboratories failed to submit data on Nov. 8.

It also said 40% of intensive care units in the Philippines were occupied.

Meanwhile, Party-list Rep. Rico B. Geron has filed House Bill 10458 or the Workers’ Mandatory Vaccination Plan, which seeks to make vaccination against the coronavirus mandatory for employment.

“More employers are taking steps to urge their employees to get the COVID-19 vaccine,” he said in the bills explanatory note. “Employers are strategically thinking how to support vaccination plans for the security of their employees and business operations,” he added.

Last week, vaccine czar Carlito G. Galvez, Jr. said he was in favor of making coronavirus vaccinations compulsory, otherwise Filipinos would continue to be at risk.

Analysts have warned that requiring Filipinos to get vaccinated against the coronavirus would tarnish the credibility of the government’s pandemic response and worsen discrimination against unvaccinated workers.

The Trade Union Congress of the Philippines last month said some employers were withholding the salaries of workers who were not fully vaccinated, which is illegal.

A poll conducted by the Social Weather Stations in September showed that 64% of adult Filipinos were now willing to get vaccinated against the coronavirus, up from 55% in June.

More than 65 million coronavirus vaccines had been given out as of Nov. 9, with 30.1 million Filipinos having been fully vaccinated against the virus, according to data from an inter-agency task force.

Meanwhile, President Rodrigo R. Duterte on Tuesday night said employers could refuse to hire unvaccinated workers under the law.

“You have the right to refuse, to accept an employee… who is not vaccinated,” he said in a taped Cabinet meeting, citing the risks that an unvaccinated employee poses to his co-workers.

“In this case, you are only protecting your property, your investments, your business,” Mr. Duterte said.

In addition, requiring such would also ensure that other employees will be protected, he added, since with vaccination, “the severity of the damage to your health is lessened progressively.”

Labor Secretary Silvestre H. Bello III earlier said some companies could refuse unvaccinated employees from working but could not terminate them. Their salaries should also not be withheld.

Once hired, “any employee who refuses or fails to be vaccinated shall not be discriminated against in terms of tenure, promotion, training, pay, and other benefits, among others, or terminated from employment,” he said, citing Labor Advisory No. 3.

At the same meeting, vaccine czar Carlito G. Galvez, Jr. said the average daily COVID-19 vaccination was 781,957, which was still short of the government’s 1.5-million target. — Alyssa Nicole O. Tan and Russell Louis C. Ku

Ruling party watching next political move of presidential daughter

PRESIDENTIAL PHOTO/KING RODRIGUEZ

A FACTION of the ruling PDP-Laban associated with President Rodrigo R. Duterte on Wednesday said it was watching developments after the president’s daughter dropped out of the mayoralty race in Davao City.

In a statement, PDP-Laban President Alfonso G. Cusi said Davao City Mayor Sara Duterte-Carpio’s next move, including any decision to run for a national post would likely affect the political landscape.

There have been rumors that Ms. Carpio might run for either president or vice-president next year. Under the law, she could replace either Senator Ronald M. Dela Rosa or Senator Christopher Lawrence T. Go as the party’s candidate for president or vice-president.

She has to become a member of the party to qualify for substitution, which is allowed until mid-November.

Ms. Carpio on Tuesday said her brother, Vice Mayor Sebastian Duterte, would run for the city’s top post instead. He quit his reelection bid earlier in the day on Ms. Carpio’s advice.

The presidential daughter, who has said she would not run for a national position next year, might run in tandem with the late dictator’s son Ferdinand “Bongbong” R. Marcos, Jr., according to political analysts.

She and former Senator Ferdinand “Bongbong” R. Marcos, Jr. met in Cebu last month, fueling speculations that the two were preparing to cement their tandem for the 2022 elections.

“Let’s just all wait for what her decision would be,” Victor D. Rodriguez, Mr. Marcos’s lawyer and chief of staff, said in a statement.

Vice-President Maria Leonor “Leni” G. Robredo said a Marcos-Duterte alliance could “work to our advantage,” ABS-CBN News reported.

“The lines might be more defined,” she said in Filipino. “It can work to our advantage because it will be clearer who the rivals and allies are, and what they believe in.”

Also on Wednesday, Commission on Elections spokesman James B. Jimenez told reporters Ms. Carpio could run for a national office under her regional party.

“Hugpong ng Pagbabago is a regional party, which means they are unable to file national candidates,” he said. “If she will substitute then she will have to join a political party that already has a candidate for whatever position she wants to substitute.”

He said substitution seeks to protect political parties that might be disadvantaged by the sudden withdrawal of a candidate. But it might be time to regulate the practice, he added.

“Maybe there is room for some legislative actions to make sure that this cannot be used in a whim because the law has very laudable concerns,” Mr. Jimenez said. — Alyssa Nicole O. Tan

DFA removes online passport tracker due to data security hole

PHILSTAR

THE DEPARTMENT of Foreign Affairs (DFA) on Wednesday said it had taken down its online passport tracker after discovering data privacy issues.

The agency’s Office of Consular Affairs took down the tracker and all its data sources to “avoid further data broadcasting,” it said in a statement.

“The DFA’s IT Unit is currently investigating the circumstances surrounding this issue and is taking appropriate measures to secure the data that may have been exposed,” DFA said. An internal audit would also be done to prevent similar incidents from happening again, it added.

The tracker was launched in Sept. 11 to help applicants view the status of their passport application.

DFA said it would continue to protect data it handles in accordance with the Data Privacy Act.

Applicants who wish to inquire on the status of their passport can contact DFA by telephone or e-mail, or via Facebook, Twitter and Instagram. — Russell Louis C. Ku

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